After six months of structuring to launch a impactful and differentiated company in the corporate wellness segment, the fintech TudoNoBolso begins its activities, offering education, credit solutions, and benefits in one place to employees of affiliated companies. The goal is to become an extension of the HR department.
TudoNoBolso provides access to private payroll loans and other lines of credit with financial guidance to 100% of employees of associated companies. This in addition to discounts at pharmacies and other establishments, partnerships with universities, among other initiatives. “More than granting loans, we are focused on providing welfare to these professionals. We want to help them in all stages of their financial life and personal development. Therefore, we will work with a living benefits model, where new discounts and partnerships will be frequently added to the portfolio,” says Marcelo Ciccone, co-founder and CEO of TudoNoBolso.
To offer the fintech’s products, partner companies have no costs and the tool is easy to access and use, and can also be adapted according to the clients’ demands. For users, everything is done directly through the app on the phone or on the website, without bureaucracy. The focus, according to Ciccone, is the Brazilian worker. It could be the indebted one, but also the one who needs help to go to college, pay for their child’s exchange program, or buy a home appliance.
Specialized finance and credit consultants are available to employees to answer their questions and provide guidance tailored to their reality. ‘Some simple adjustments to these people’s accounts can prevent them from needing a loan, for example. The decision is theirs, but we can point out paths. We believe in responsible credit and hope to have a relationship with the employees of partner companies unlike anything they have seen in the market,’ adds Ciccone.
The executive also discusses the relationship between money and well-being. ‘A complicated financial situation directly impacts the professional’s self-esteem and, consequently, their performance. Having access to a tool that helps them balance their accounts is helping them regain their self-confidence,’ he says.
Brazilian law allows consigned credit to commit a maximum of 35% of the employee’s salary. In the fintech, each user’s credit limit corresponds to up to seven times the value of their pro-labor, as long as the installment stays within that percentage. The company will allow the first installment to be paid within up to two months, with the collaborator having five years to pay off the entire loan, which is debited directly from the payroll. In this model, even those with credit restrictions can benefit.
Another differential revolves around the rates, which are much more accessible than those of other credit modalities. The May report from the Central Bank of Brazil shows that the average rate for a personal credit operation is 7.83% per month, while the rate for a private consigned credit operation is 3.23% per month. The discrepancy is even greater compared to the average rates of the Revolving Credit Card, at 35.21% per month, and the overdraft, at 10.7% per month.
The same report states that it has R$293 million in personal credit portfolio, while the private consigned has just over R$40.5 million. “The Brazilian worker misses the opportunity to exchange more expensive debts for those with lower rates and, therefore, cheaper to find a financial and emotional balance. The numbers show that there is still plenty of room for growth in this market,” comments Ciccone.
With the PJM fund’s contribution, the fintech invested heavily in technology to assist in this process. In the first stage, TudoNoBolso targets medium and large companies throughout Brazil. The differential, for them, is the integration that the newcomer in the market will offer: HR will be able to manage and have a complete view of its employees through the platform. “We want to offer alternatives for people to achieve financial health and be able to focus on what really matters: work, family, friends… We want to add efforts to HR, offering companies the best benefits so that they have the best employees,” concludes.
